Late in the trading day, Bloomberg broke that ECB president Mario Draghi would be meeting with Bundesbank head Jens Wiedmann within the next few days to mull over options that could be taken to help the Eurozone. Options under consideration include "bond purchases on primary/secondary market, new [long-term refinancing operation], rate cut" according to Bloomberg's John Fraher. All of this seemed to confirm the earlier news.

We learned that GDP growth decelerated to 1.5 percent in Q2, down from 2.0 percent growth in Q1. The number was slightly higher than the 1.4 percent growth rate economists were looking for. Personal consumption expenditures were strong, growing 1.5 percent.

Morgan Stanley's David Greenlaw said there weren't any big surprises in the report. He acknowledged that the economy continues to be anemic. But he also said it wasn't weak enough to force the Federal Reserve to announce any new actions at their Federal Open Market Committee meeting next week.